India and Russia are ready to start discussions on a long-pending free trade agreement that could increase bilateral trade and investment flow, and help reduce dependence of both countries on the US and the EU. The Commerce Ministry has sent a proposal to the Cabinet Committee on Economic Affairs (CCEA) for setting up a joint study group to examine the feasibility of a Comprehensive Economic Cooperation Agreement (CECA) with the Customs Union of Russia, Kazakhstan and Belarus. CECA is a comprehensive FTA that involves dismantling of tariff and non-tariff barriers for trade in goods and services and freer flow of investments. “The Joint Study Group, with officials from both sides, will examine the scope of the pact and the areas it could cover,” a Commerce Ministry official told BusinessLine.

Source - http://www.thehindubusinessline.com